Trillium Gold Mines Inc. is happy to announce the completion of its acquisition of the bulk of Imagine Lithium Inc.’s Eastern Vision property holdings in the Confederation Lake assemblage, inside the Birch-Uchi greenstone belt in Ontario’s Red Lake Mining District.
These property assets include assets that are bought directly by Trillium as well as those for which Trillium has taken option agreements as an optionee.
The land package spans 13,958 hectares between the Fredart, Confederation North, and Confederation South properties, granting Trillium Gold authority over a substantial portion of the Confederation Lake assemblage, resulting in a contiguous land package spanning more than 100 km of favorable structures on-trend with Kinross Gold’s Dixie Deposit and Evolution Mining’s Red Lake Operation.
Trillium Gold allocated 2,800,000 common shares in the capital of the Company as part of the transaction, along with a cash payment of $175,000 to Imagine Lithium. Furthermore, Trillium has agreed to assume Imagine Lithium’s current option agreements’ cash payment responsibilities, while Imagine Lithium maintains its original share issuance commitments.
After the closure, Trillium Gold paid Pegasus Resources Inc. $20,000 in cash and 100,000 common shares in the Company’s capital to earn into certain option agreements that Trillium has accepted to undertake as optionee from Imagine Lithium.
The cash consideration reflected the remaining option payments under that same option agreement, while the equity consideration acquired Pegasus’ carrying interest in the relevant assets, resulting in Trillium Gold owning 100% of said properties.
Trillium Gold must spend a total of $186,000 in option payments over roughly two years to earn in to and exercise the options under the remaining option agreements that it is adopting as optionee.
Along with the closure, Trillium Gold acquired a 2.0% NSR royalty on the Fredart property from prospector Perry English in exchange for 60,000 common shares in Trillium Gold’s capital and $50,000 in cash.